Market insight and analysis. You're listening to the opening bell of CnBC, Squawk on the Street. Good Thursday morning. Welcome to Squawk in the Street. I'm Carl Cantonea with Jim Kramer at Post Night of the New York Stock Exchange. Fabers on assignment. Pre-market's pretty steady as the Bulls look to defend these all-time highs. Got decent results out of Walmart and Cisco. We're on Dow 40K watch. 10-year 435 on some mixed eco-data today.

Our roadmap begins with rally mode.

S&P eyes its 24th record close of the year.

Walmart is on the move.

The retailers see some booming e-com sales and wins over some high-income shoppers.

And, of course, Buffett's big surprise, revealing a secret minority stake in one of the world's

biggest insurers in Chubb. Let's begin, though, with the rally. S&P closes above 5,300, first time,

and the Dow does inch closer to 40K, Jim. You said this morning, overbought, but things can remain

overbought for a while. When it gets this overbought, notice when there's so many different fires,

and we've had this a couple times,

as Chuck with Bill Paul, does the great work for the oscillator, basically,

for the S&P for marketplace.

You can actually have a sustained churn, flop and chop.

It doesn't plummet if you're up at these levels it kind of just marks time

now we did have one of these last year where we came in in the first couple days

the invidias got slammed the big momentum guys got slammed then they came right

back so I know it sounds odd but you can it to an exalted level like we are now,

and you have some rotation internally, but it's not like when we're like plus five, six,

really fast, and then boom. So I know, I don't want to be complacent, but when you see a Walmart

and you come in and that's the leader, And then the leader yesterday was the industrials,

the leader before that with the utilities. That's that really kind of benign rotation.

It's not a vicious whip. And it's not being led by the magnificent seven, which is really

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